Societe Generale S.a. Class A · EURONEXT:GLE
Societe Generale S.a. Class A — Debt Investor Presentation (September 2025)
45 slides from Societe Generale S.a. Class A's debt investor presentation, September 2025
Slide 1: SG SFH & SG SCF Covered Bond Programs Investor Presentation
SEPTEMBER 2025 CONFIDENTIAL SG SFH & SG SCF SOCIETE GENERALE COVERED BOND PROGRAMS INVESTOR PRESENTATION
Slide 2: Table of Contents
TABLE OF CONTENTS 1. SG SFH & SG SCF STRUCTURE OVERVIEW 3 2. SG SFH COVERED BOND PROGRAM 10 3. SG SCF COVERED BOND PROGRAM 24 APPENDICES 32 A. ELIGIBILITY CRITERIA: SG SFH and SG SCF COVER POOLS B. CREDIT LOGEMENT MECHANISMS C. SOCIETE GENERALE GROUP: 2nd QUARTER and FIRST HALF 2025 FINANCIALS RESUL
Slide 3: SG SFH & SG SCF Structure Overview
SG SFH & SG SCF STRUCTURE OVERVIEW
Slide 4: Two Issuers Under a Strict Regulation with Similar Structure
TWO ISSUERS UNDER A STRICT REGULATION WITH SIMILAR STRUCTURE European Covered Bond ‘Premium’ Label delivered since July 8th, 2022 Set a new standard in covered bonds’ market Many points in common Organization & Transparency Legal framework Collateral strategy Strictmonitoring Strict monitoring Gover
Slide 5: A Very Strong Legal and Regulatory Framework for Highest Level of Investors' Protection
A VERY STRONG LEGAL AND REGULATORY FRAMEWORK FOR A HIGHEST LEVEL OF INVESTORS’ PROTECTION Supervision Exclusive legal purpose Direct supervision by the Business purpose limited by law to European Central Bank the sole refinancing of eligible Monitoring of the cover pool assets and certificatio
Slide 6: A Preferential Regulatory Treatment of Covered Bonds for Bank Investors
A PREFERENTIAL REGULATORY TREATMENT OF COVERED BONDS FOR BANK INVESTORS European Covered Bond ‘Premium’ Label delivered since July 8th, 2022, guarantees the respect of CRR Art. 129 10% SG SFH (Art 129.1.e) Risk Weight Residential loans all fully guaranteed by Crédit Logement (Aa3/AA for Moody’s/DB
Slide 7: Structure Overview
STRUCTURE OVERVIEW Servicers Servicer Societe Generale (Borrower) Cover Pool SG SFH Cover Pool SG SCF (French Home loans (Public sector loans) including Positive Impact home loans) Principal Collateralised and loans Societe Generale interest Collection Loss Reserve Covered Bonds Issuer (SG SFH / SG
Slide 8: Risks and Structural Mitigants
RISKS AND STRUCTURAL MITIGANTS RISKS FACTORS STRUCTURAL MITIGANTS DUAL RECOURSE COUNTERPARTY RISK MINIMUM RATING REQUIREMENTS OVER-COLLATERALIZATION INTEREST RESERVE * INTEREST RATE RISK HEDGING STRATEGY (ASSET & LIABILITY SWAPS) ** ALL RISKS SOFT BULLET TIMELY PAYMENT RISK LIQUIDITY RESERVE AVERAGE
Slide 9: A Dedicated Governance with a Strong Control Environment
A DEDICATED GOVERNANCE WITH A STRONG CONTROL ENVIRONMENT CHIEF EXECUTIVE OFFICER & BOARD OF DIRECTORS CHIEF FINANCIAL OFFICER DEPUTY CHIEF EXECUTIVE OFFICER NOMINATION AUDIT COMMITTEE RISK COMMITTEE COMMITTEE • Proposals for Directors’ • Financial Statements • Overall risk monitoring appointment Rev
Slide 10: SG SFH Covered Bond Program
SG SFH COVERED BOND PROGRAM SOCIETE GENERALE
Slide 11: A Collateral Investment Policy in Line with SG Group Business Strategy
A COLLATERAL INVESTMENT POLICY IN LINE WITH SG GROUP BUSINESS STRATEGY Strategic • SG SFH is the main refinancing entity for the French Home Loan business originated by the SG Group integration in the French Retail Network Group • Provides lower cost of funding to increase SG Group competitiveness M
Slide 12: French Home Loan Markets Showing Signs of Recovery
FRENCH HOME LOAN MARKETS SHOWING SIGNS OF RECOVERY After being weakened by the sharp rise in rates, but also by the level of personal contribution required by HCSF standards, demand recovered and marked its return throughout 2024. With inflation falling, encouraging the ECB to cut interest rates reg
Slide 13: The Market Remained Sound with Predominance of Guaranteed Loans and Fixed Rates
THE MARKET REMAINED SOUND WITH A PREDOMINANCE OF GUARANTEED LOANS AND FIXED RATES HOME LOANS MAIN CHARACTERISTICS A PRIME HOME LOAN MARKET • Loan amounts are based on borrower’s capacity to repay • The market has remained sound, with a stable Debt-to-Income ratio and • Security type : guaranteed rat
Slide 14: Benefits of Credit Logement's Guarantee (1/2)
THE FRENCH HOME LOAN MARKET: BENEFITS OF CREDIT LOGEMENT’S GUARANTEE (1/2) CREDIT LOGEMENT PERFORMANCE •“Guaranteed loans” market share in home loan market : in 2024, guaranteed loans represented 65,3% (+0,9% vs. 2023) of the overall residential loans granted in France, and 69,7% of the new loan ori
Slide 15: Benefits of Credit Logement's Guarantee (2/2)
THE FRENCH HOME LOAN MARKET: BENEFITS OF CREDIT LOGEMENT’S GUARANTEE (2/2) OTHER CREDIT LOGEMENT CREDENTIALS • Crédit Logement is backed by all larger French banks: - Long term rating : Aa3 (stable outlook) by Moody’s & Aa low (stable outlook) by DBRS - Shareholders are formally committed to support
Slide 16: Strategic Integration in SG Group: Diversified Home Loans Origination
STRATEGIC INTEGRATION IN SG GROUP: DIVERSIFIED HOME LOANS ORIGINATION & SOURCES OF COLLATERAL TWO STRONG AND COMPLEMENTARY BRANDS REFINANCED THROUGH SG SFH N°1 online bank in A solid universal bank at the France service of the economy Leading player of the Key campaign in 2025, brokerage and online
Slide 17: French Home Loan Business: Concentration on Core Competencies
SOCIETE GENERALE FRENCH HOME LOAN BUSINESS: CONCENTRATION ON CORE COMPETENCIES SG loans customer base : strong presence on key segments SG loan structure : breakdown by loan purpose like public sector employees and executives 90% 80% 78% Liberal professions 7% 80% 7% 70% Retail self-employed 5% 4% 6
Slide 18: SG SFH: High Quality and Well Diversified Cover Pool (1/3)
SG SFH: A HIGH QUALITY AND WELL DIVERSIFIED COVER POOL (1/3) Main regional distribution As at 30 June 2025 100% prime French residential loans Collateral guaranteed by Crédit Logement Pool Size EUR 54.1 bn 36,9 % Number of borrowers 400,277 Number of loans 447,499 11,1% Average loan balance EUR 121
Slide 19: SG SFH: High Quality and Well Diversified Cover Pool (2/3)
SG SFH: A HIGH QUALITY AND WELL DIVERSIFIED COVER POOL (2/3) 1. Loan Purpose 2. Loan purpose by contributor 3. Loan to Income ratio % Loan amount % Number of loans 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 4. Occupancy Type 5. Occupancy type by contributor 6. Region by contributor Source: SG’s
Slide 20: High Quality and Well Diversified Cover Pool (3/3)
A HIGH QUALITY AND WELL DIVERSIFIED COVER POOL (3/3) 1. Indexed LTV-band 2. Indexed LTV-band by contributor 3. Professional social categories 4. Professional social categories by contributor Source: SG’s internal covered bond system as of June 30th, 2025 20 SEPTEMBER 2025
Slide 21: A Dynamic, Projective and Cautious ALM Monitoring
A DYNAMIC, PROJECTIVE AND CAUTIOUS ALM MONITORING • Covered bonds fully backed up to their final maturities • The structure has been set up to take into account best ALM practice - Tight projective monitoring of ALM metrics - Definition and strict monitoring of a coverage long term plan based on ava
Slide 22: Funding Strategy: Balance Between Group Funding Needs and Issuance Capacity
FUNDING STRATEGY: WELL BALANCED MIX BETWEEN GROUP FUNDING NEEDS AND ISSUANCE CAPACITY • Last public benchmark issuances in February 2024 : EUR 2.25bn , 3 and 12 years maturity in soft bullet format • SG SFH has maintained a dynamic management of its balance sheet with three new (retained) issuances
Slide 23: Positive Impact Covered Bond Framework & Issuance
INTEGRATING SG GROUP ENVIRONMENTAL STRATEGY: POSITIVE IMPACT COVERED BOND FRAMEWORK & ISSUANCE USE OF PROCEEDS & TARGET IMPACT SELECTION OF POSITIVE IMPACT MORTGAGES Use of proceeds: to refinance mortgages on residential Criteria of the underlying property: properties that belong to the top 15%
Slide 24: SG SCF Covered Bond Program
SG SCF COVERED BOND PROGRAM SOCIETE GENERALE
Slide 25: A Collateral Investment Policy in Line with SG Group Business Strategy
A COLLATERAL INVESTMENT POLICY IN LINE WITH SG GROUP BUSINESS STRATEGY Strategic • SG SCF is the main refinancing entity for the Public Sector financing originated by the SG Group French integration in the Retail Network and the Investment Bank Group • Provides lower cost of funding to increase SG G
Slide 26: SG SCF: Contributing to Financing the French Public Sector Entities
SG SCF: CONTRIBUTING TO FINANCING THE FRENCH PUBLIC SECTOR ENTITIES LOCAL PUBLIC LOCAL SOCIAL PUBLIC HEALTH GOVERNMENTS HOUSING ENTITIES INSTITUTIONS COMMITTED FOR THE SUPPORTING INVESTMENTS IN CONTRIBUTING TO DEVELOPMENT AND TRANSPORTATION, ENERGY AND CONSTRUCTION PROJECTS FOR ATTRACTIVENESS OF TOM
Slide 27: SG SCF Contributing to Promoting Export & Development Finance
SG SCF CONTRIBUTING TO PROMOTING EXPORT & DEVELOPMENT FINANCE SG CIB is a global leader in delivering export and import financial solutions together with development financing 60 Austria (OeKB) * Netherlands (Atradius) * 21 staff members Belgium (Credendo) * Norway (EKSFIN) * ECA programs + Spain (C
Slide 28: SG SCF: High Quality and Well Diversified Cover Pool (1/2)
SG SCF: A HIGH QUALITY AND WELL DIVERSIFIED COVER POOL (1/2) Main regional distribution in France As at 30 June 2025 Exposures to / or guaranteed by eligible Collateral public entities 15.8 Pool Size EUR 17.05 bn % Number of borrowers 1,413 Number of loans 3,934 11% Origination by 60.43% SG French r
Slide 29: SG SCF: High Quality and Well Diversified Cover Pool (1/2)
SG SCF: A HIGH QUALITY AND WELL DIVERSIFIED COVER POOL (1/2) Exposure Type Exposure Rating Export credit agencies country Geographic exposure Source: SG’s internal covered bond system as of June 30th, 2025 29 SEPTEMBER 2025
Slide 30: A Dynamic, Projective and Cautious ALM Monitoring
A DYNAMIC, PROJECTIVE AND CAUTIOUS ALM MONITORING • Covered bonds fully backed up to their final maturities • The structure has been set up to take into account best ALM practice - Tight projective monitoring of ALM metrics - Definition and strict monitoring of a coverage long term plan based on ava
Slide 31: Funding Strategy: Balance Between Group Funding Needs and Issuance Capacity
FUNDING STRATEGY: WELL BALANCED MIX BETWEEN GROUP FUNDING NEEDS AND ISSUANCE CAPACITY • Last Club Deal issuance in August 2015: EUR 500m 18 years maturity in soft bullet format • SG SCF has maintained a dynamic management of its balance sheet with two new (retained) issuances over Jan- Sept 2025, fo
Slide 32: Appendices
4 APPENDICES SOCIETE GENERALE
Slide 33: A. Eligibility Criteria: SG SFH Cover Pool
A. ELIGIBILITY CRITERIA: SG SFH COVER POOL • Loans granted in Euros • Loans governed by French law • The financed property is a residential property, located in France • Loans are secured by a guarantee granted by Crédit Logement • At the date on which the loan is selected to enter into the pool: -
Slide 34: A. Eligibility Criteria: SG SCF Cover Pool
A. ELIGIBILITY CRITERIA: SG SCF COVER POOL • Loans to or guaranteed by public entities : - Central or local governments - Central banks - Public sector entities - Supranational institutions • Minimum exposure rating : investment grade internal rating equivalent - BBB-/Baa3 and/or internal rating equ
Slide 35: B. Credit Logement Mechanisms (1/2)
B. CREDIT LOGEMENT MECHANISMS (1/2) BUSINESS MODEL • Crédit Logement provides guarantees of home loans in case of non repayment by borrowers, as an alternative to the traditional registration of a mortgage : - Each home loan granted by SG and guaranteed by Crédit Logement has to satisfy both Crédit
Slide 36: B. Credit Logement Mechanisms (2/2)
B. CREDIT LOGEMENT MECHANISMS (2/2) MUTUAL GUARANTEE FUND PROCESSES • The guarantee provided by Crédit GRANTING PROCESS Logement is based on the contribution of each borrower to the Mutual Guarantee • When receiving a guarantee request, in mostly cases through electronic Fund (MGF) which is a dedica
Slide 37: C. Societe Generale Group Results
C. SOCIETE GENERALE GROUP RESULTS À jour 37 SEPTEMBER 2025
Slide 38: C. Societe Generale Group Results
C. SOCIETE GENERALE GROUP RESULTS 38 SEPTEMBER 2025
Slide 39: C. Societe Generale Group Results
C. SOCIETE GENERALE GROUP RESULTS 39 SEPTEMBER 2025
Slide 40: C. Societe Generale Group Results
C. SOCIETE GENERALE GROUP RESULTS 40 SEPTEMBER 2025
Slide 41: C. Societe Generale Group Results
C. SOCIETE GENERALE GROUP RESULTS 41 SEPTEMBER 2025
Slide 42: C. Societe Generale Group Results
C. SOCIETE GENERALE GROUP RESULTS 42 SEPTEMBER 2025
Slide 43: Publications and Contacts
PUBLICATIONS AND CONTACTS PUBLICATIONS Link to the SOCIETE GENERALE’s website : https://investors.societegenerale.com/en/financial-and-non-financial-information/debt-investors Link to the SOCIETE GENERALE prospectus’ website : https://prospectus.socgen.com Link to the Covered Bond Label’s website :
Slide 44: Disclaimer
DISCLAIMER This presentation contains forward-looking statements relating to the targets and strategies of the Societe Generale Group. These forward-looking statements are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods
Slide 45: THE FUTURE mm societe
THE FUTURE mm societe IS YOU Mf GENERALE
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